Swiss Life Continues to Report Strong Growth in Fee Income

In first-quarter 2022, Swiss Life continued to report strong growth in fee income with this now rising to CHF 579 million. This is a 10% rise on the same period a year ago. This growth in fees is being driven by Swiss Life’s third-party asset management division where net inflows of CHF 1.2 billion have continued to help push higher total third-party assets under management up to CHF 102.3 billion. Swiss Life asset managers account for CHF 241 million of this fee income with the remaining fee result arriving from own- and third-party product sales as well as advice provided to customers through Swiss Life’s owned network of independent financial advisers. We maintain our fair value estimate and our no-moat rating.